> Frontera Resources provides update on the T-45 well in the Taribani Complex, Block 12, Georgia

Frontera Resources provides update on the T-45 well in the Taribani Complex, Block 12, Georgia

Tuesday, Feb 20, 2018

Frontera Resources Corporation (AIM: FRR), the European focused independent oil and gas exploration and production company, is pleased to announce that T-45, the first well of current three well drilling program at the Company's Taribani Complex of Block 12 in Georgia, has now been drilled to a target depth of 2700m, in the Eldari Formation.

The Company confirms that during drilling it has observed multiple oil and associated gas shows, notably:

· A major associated gas kick occurred at 2633m resulting in a reduction of mud weight from 2.02 SG to 1.85 SG. Hydrocarbons flow back operations were initiated and a surface fluid flow rate of 383 bbls per day was recorded (with heavy drilling mud in the wellbore) and a calculated 7,500 psi bottom hole pressure. Elevated background gas with significant connection gas peaks was also encountered while continuing to drill through Zone 15 to a depth of 2650m.

· Significant oil and associated gas shows recorded from 2685m to 2695m (Zone 15). Within this interval, a major associated gas kick occurred at 2692m with a calculated 7,800 psi bottom hole pressure.

Company cautions that, without further wireline logging and analysis, the positive initial indications should not be considered conclusive. The Company is progressing with the full data acquisition program and will report to the market in due course.

Zaza Mamulaishvili, President and Chief Executive Officer, commented:

"These have already been hugely exciting drilling operations for the Company. Very encouraging early indications of a highly charged hydrocarbon formation mark an exciting opportunity to develop Zones 14 and 15 of the Eldari formation together with Zone 9, which has been successfully tested for deliverability of long-term sustainable production. We look forward to updating the market as we continue making progress with the operations."